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Also, if you don't want to do that, there is about 3000 iron ore all around the base and immediate vicinity of the Tower of the Bat (if you use a steel pick).
Set yourself up a smelting station nearabouts. Also, skinning knife gives a ridiculous amount of hide, it helps immensely.
1. farming hides
2. mining iron
3. mining brimstone and hauling it to the base
4. mining coal/wood to fuel furnaces and alchemy pots
5. waiting for all that to happen
So for it to be cost effective you have to craft in bulk quantities, and I usually don't do that.
I'm playing on a default settings singleplayer and I walk everywhere.